Chocoladefabriken Lindt & Spruengli AG

LISN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 12,458.00	Fgyxm	Ywfyblmv

Lindt Earnings: Record First-Half EBIT Margin Leads to Guidance Increase; Shares Expensive

Diana Radu

Jul 25, 2023

Wide-moat Lindt & Spruengli, or Lindt, delivered strong first-half results, with 10.1% organic sales growth and a record EBIT margin of 12.2% (structurally lower compared with the 2022 full-year margin due to gifting seasonality but an almost 300-basis-point improvement compared with the same period of last year). However, reported sales growth only amounted to 4.7% as the strong Swiss franc weighed on the top-line result.

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